Petroleum & Resources Declares Dividend And Announces First Quarter Performance

BALTIMORE, April 11, 2013 /PRNewswire/ -- The Board of Directors of Petroleum & Resources Corporation (NYSE: PEO) today declared an interim dividend of $0.10 per share, payable June 3, 2013, to shareholders of record May 15, 2013. This dividend represents the second payment this year toward the Fund's commitment to pay out to shareholders an amount that will result in an annual distribution rate of at least 6% for the year. In 2012, the Fund paid out distributions at an annual distribution rate of 6.4%. Details regarding the 6% minimum annual distribution rate commitment can be found at www.peteres.com.

The Corporation also announced the Fund's performance for the first quarter.

First Quarter Performance

For the three months ended March 31st, the total return on Petroleum & Resources' net asset value, with dividends and capital gains reinvested, was 8.0%. The comparable figure for the Lipper Global Natural Resources Funds Index (Lipper Peer Group) was 3.8%. The total return on Petroleum & Resources' market price was 9.0%.

For the twelve months ended March 31st, the total return on Petroleum & Resources' net asset value, with dividends and capital gains reinvested, was 6.9%. The comparable figure for the Lipper Peer Group was -0.4%. The total return on Petroleum & Resources' market price was 6.7%.

The net assets, shares outstanding, and net asset value per share of Petroleum & Resources at March 31, 2013, is compared with the year earlier in the following table:                

The net capital gain realized by the Fund on its investments for the first quarter of 2013 was $0.13 per share.

The First Quarter Report to Shareholders is expected to be released on or about April 19, 2013.

Petroleum & Resources Corporation is a Baltimore-based closed-end fund that has been operating as an investment company since 1929.  Its stock trades on the New York Stock Exchange under the ticker symbol PEO.

For further information, please contact:

Lawrence L. Hooper, Jr.,
Vice President, General Counsel and Secretary
410-752-5900 or 800-638-2479
E. Mail: [email protected]  
Website: www.peteres.com

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SOURCE Petroleum & Resources Corporation

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